UPDATE: Piper Jaffray Upgrades Threshold Pharmaceuticals to Overweight on Product Differentiation

Piper Jaffray upgraded Threshold Pharmaceuticals THLD from Neutral to Overweight and raised the price target from $5.00 to $10.00. Piper Jaffray noted, "We are upgrading our THLD rating to OW as a result of diligence on the differentiation of TH-302 (‘302) in 1st-line soft tissue sarcoma (STS) relative to mind-share competitor's palifosfamide (pali', Ziopharm). We believe that near-term data will enhance conviction on the broad applicability of Threshold's hypoxia-activation platform for targeting a wide range of cancer indications with the potential to substantively add/extend efficacy over standard chemotherapy (CTx). We perceive the current trading range of THLD shares to present a valuation discrepancy relative to peers and THLD's pipeline value." Threshold Pharmaceuticals closed at $4.46 on Tuesday.